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FOR SUPPLEMENTAL INFORMATION CALL 1-800-845-3524
The twelve building tenants are on month-to-month agreements, and are paying an average of $0.75
per square foot in rent. Annualized at $9 per square foot, that rate is significantly below market for
comparable professional office space in Salem.
The Seller, who is retiring, occupies Suite 100 and pays $1,000 per month. 2015 gross revenue was
$68,400, with net operating income of $55,300 after payment of taxes and insurance. Please see
Supplemental Information Package for expense and income detail.
High Street Housing Overlay Zoning will allow up to a four story building for the 15,246± foot site
at corner of Broadway Street NE and East Street NE.
Zoning would allow up to twenty studio and one
bedroom apartments, with ground floor office or retail,
and 30 parking spaces.
McMenamins Boon’s Treasury Pub and professional
offices are located nearby, with several new mixed-
use developments and apartments built north of the
property, along Broadway Street NE.
ThecityofSalemrecentlycompletedstreet improvements
at the intersection of Liberty Street NE and Broadway
Street NE.
Acquisition of Auction Properties #111 and #112
together provide both an investment, and development,
opportunity.
Sale of either Property #111 -- the leased office building,
or #112 -- the excess land, is subject to total bids in
the aggregate to equal, or exceed, the Bulk Published
Reserve of $1,225,000.
McMenamin’s Boon’s Treasury Pub